Publications

Credit frictions and participation in over-the-counter markets

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Journal of Economic Theory, September 2020

A study on the role of credit in OTC markets in the presence of endogenous payment and inventory capacity constraints.

Gradual bargaining in decentralized asset markets

PDF Earlier WP

Review of Economic Dynamics, October 2021

Joint with Guillaume Rocheteau, Tai-Wei Hu, and Younghwan In

A novel approach to bargaining for models of OTC markets with unrestricted asset portfolios. It is based on the notion of agendas: portfolios can be partitioned and sold sequentially, one bundle at a time.

Bargaining under liquidity constraints: Nash vs Kalai in the laboratory

PDF Poster

Journal of Economic Theory, September 2025

Joint with John Duffy and Daniela Puzzello

Laboratory experiment with minimal structure seeking to identify how individuals bargain over two-dimensional terms of trade (prices and quantities) and how bargaining outcomes vary as a function of the buyer's payment capacity.

Working Papers

Money shortages and complementary currencies in small local economies

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Conditionally accepted, International Economic Review

Joint with Cristian Frasser

A previous version titled "Complementary currencies and liquidity: The case of coca base money," is available here.

Dynamics of market power in monetary economies

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Revise & Resubmit, European Economic Review

Joint with Jyotsana Kala and Lu Wang

Central bank digital currency: Financial inclusion vs disintermediation

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Submitted

Joint with Jeremie Banet

We analyze and quantify the trade-off between providing broader access to digital payments and poaching deposits away from private banks that arises with the introduction of a CBDC.

The macroeconomics of labor, credit, and financial markets imperfections

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Submitted

Joint with Miroslav Gabrovski and Ioannis Kospentaris

A microfounded model of job creation and corporate lending that explores and quantifies the impact of loan-servicing costs and secondary loan trading on real economic outcomes.

Social engagement and the spread of infectious diseases

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A random matching model of disease transmission based on SIS/SIR epidemiological models, with endogenous participation and precaution margins.